you see, running a newspaper is no longer a business proposition for anybody,"
Sir Josiah agreed. "For some time past I have been given to understand that the cost of paper and printing is prohibitive. Tatlow has to charge fourpence a day for the Blackhampton Monitor."
"That's because the Monitor is outside the Ring."
"Quite so. And it's about a quarter as good as the Blackhampton Mercury which charges three halfpence."
"The explanation is simple. One has pages upon pages of advertising matter; the other has none."
"Yes, of course."
"There you have the key of the position. Advertisements are the life blood of the Press. The Ring says to every advertising agent in the country: 'Advertise in any paper in the British Empire outside those controlled by us, and we refuse you all publicity.' Just think what that means to any business community. And you must please bear in mind that the U. P. has not only corralled all the chief newspapers and the raw materials that create them, but also a fleet of airships to distribute its products. Moreover, the Transatlantic telephone, which has hardly been completed a year is now in the hands of Saul Hartz."
Sir Munt sat up in his chair.
"By gum!" he said. "You don't say!"
"Painfully true, I'm afraid. He has outwitted everybody including our own Government and that of the United States. During the last few months, events
